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Gold (XAU/USD) bullish breakout puts 1300 in the scope

In yesterday's update on gold (XAU/USD), I noted that price was within a consolidation range, approaching the range resistance. Today, it is breaking this consolidation range resistance and opening up at least a short-term bullish outlook.

Gold 4H Chart 10/19

(click to enlarge)

Price bottom:
- After a slide in early October, gold has found support in the 1240-1250 area. 
- After a bit of consolidation in the last couple of weeks, price finally broke above the 1265 range resistance. 

Resistance levels:
- The first resistance will be around 1277. This is a previous resistance pivot.
- I think we can expect some resistance here under 1280. 
- But if price can hold above 1260 on a dip, we should anticipate further bullish correction. 
- The 1300-1310 area is the maximum target for me at the moment. We should anticipate selling here.
- This is a previous support area, and where the 200-period SMA reside in the 4H chart.